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| Tekijä: | Hoffmaister, A. Roldos, J. Wickham, P. |
| Otsikko: | Macroeconomic fluctuations in Sub-Saharan Africa |
| Lehti: | Staff Papers
1998 : MAR, VOL. 45:1, p. 132-160 |
| Asiasana: | MACROECONOMICS AFRICA CAPITAL |
| Kieli: | eng |
| Tiivistelmä: | The sources of macroeconomic fluctuations in Sub-Saharan Africa are examined by comparing the CFA franc countries with the non-CFA franc countries. External shocks, especially terms of trade shocks, appear to have a greater influence on fluctuations of output and the real exchange rate in CFA franc countries. This result does not appear to be associated with differences in the economic structure but may reflect the fixed exchange rate regime, which does not (particularly) buffer these countries from external shocks. |
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